UAE Becoming Global Crypto Hub, Industry Expert Says

The UAE is becoming a global center for cryptocurrencies, said a senior official at Kraken, one of the world’s largest digital asset exchanges.

In April this year, Kraken became the first global cryptocurrency exchange to receive a full license to operate the Abu Dhabi Global Market (ADGM) regulated virtual asset exchange platform. Earlier this week, Kraken and RAKBank announced that UAE residents will soon be able to trade dirham virtual assets using their local bank accounts.

Benjamin Ampen, Managing Director of Kraken Mena, noted that the adoption of cryptocurrencies in the UAE is growing rapidly.


“With Kraken, investors in the United Arab Emirates and the wider Mena region, for the first time, will be able to participate in and invest in the crypto market more safely, more securely, more efficiently and at lower cost through a fiat dirham gateway. “.

According to a Gemini survey, the UAE is the third largest country in the world in terms of cryptocurrency adoption, with 35% of them already owning some form of cryptocurrency.

“With the ability to directly invest in crypto, and deposit and withdraw funds from your Kraken account directly in dirhams, local investors and institutions can benefit from a seamless trading experience and much broader access to the crypto market.”

According to Chainalysis’s Cryptocurrency Geography Report 2021, between July 2020 and June 2021, the Middle East received $271.7 billion worth of cryptocurrencies, accounting for 6.6% of global activity. The United Arab Emirates, with $25.5 billion in transactions, came in third after Turkey and Lebanon.

Ampen noted that trading in dirhams will increase trading volumes in the UAE.

“The Middle East is one of the fastest growing crypto markets in the world. Clients in the UAE are already using Kraken for transactions with a trading volume of more than $1 billion, and this is without direct acceleration. Dirham trading pairs will allow Kraken to connect directly to the UAE liquid capital markets, which will create great potential for a significant increase in trading volume. »

Ampen said that ADGM, a trusted financial services center, is an ideal and indispensable partner.

“Kraken was delighted to partner with ADGM, who have been instrumental in realizing our vision to bring Dirham cryptocurrency trading to the UAE. The regulatory dynamic in the region has been very progressive, far-sighted and far-sighted, characterized by ADGM virtual assets. Framework that continues to drive adoption and innovation in new technology-driven investment strategies. We are honored to receive such support and encouragement from them.

Ampen noted that progressive regulatory reform, legislative measures and technological innovation put the UAE in a strong position to lead the cryptocurrency market.

“The UAE’s cryptocurrency strategy is ambitious and attractive, but moving at high speed. By providing investors with access to crypto trading directly in dirhams, we will be the first in the region to provide investors with access to crypto trading, we want to help increase activity, adoption, investment flows and awareness of the status of the United Arab Emirates as a rapidly developing global crypto market. »

Ampen added that Kraken wants to be a trusted partner for the UAE.

“For us, this is an exciting opportunity to accelerate the adoption of cryptocurrencies in a region with such high potential. We strongly believe that our proposal is in the national interest and can help support the region’s vision.”

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